Andy
Debt increased due to:
Repaid $500m off loans Dec qtr
Paid tax bill $650m Dec qtr
Capex spend ? (part of $650m)
Also I think the issue of USD/AUD implications on debt principal has been canvassed on more than one occasion and most if not all agree that receipts from IO sales are in USD, interest paid in USD and loan is in USD.
I have not read one report or article that has their debt level stated as being $10.0b, sure if you convert USD$7.5b it equates to around AUD $10.0b, but that figure is just a calculation, debt in USD is what matters.
Declining value in AUD benefits FMG when USD converted to AUD to meet expenses and costs incurred in Australia, capex, contractors, wages, fuel (diesel), overheads etc..
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